Crocs Share News

Orbitz Names Crocs Executive As Financial Chief

DOW JONES NEWSWIRES Orbitz Worldwide Inc. (OWW) named the former financial chief of Crocs Inc. (CROX) to the same position at the online-travel company. Russ Hammer, who led the restructuring efforts at shoe maker Crocs, also held a variety of senior executive positions at Motorola Inc. (MOT). He replaces Marsha Williams, whose retirement was announced in June. Orbitz Worldwide said in November its third-quarter earnings more than doubled, thanks to strong summer travel demand and lower overhead costs. The travel industry has continued to rebound from last year's weak demand, with a number of airlines and hotel companies posting stronger profits in recent quarters. Orbitz has long generated most of its revenue from airline and domestic bookings, though it has made a push to expand internationally and into hotel bookings. Both Orbitz and Crox were inactive premarket. They closed Friday at $5.59 and $17.12, respectively. Orbitz fell 24% in 2010, while Crox nearly tripled. -By Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com